London Stock Exchange · SWC · GBP
The Smarter Web Company
Holdings as of 23 Oct 2026 · prices as of 23 Oct 2026 · capital structure as of 15 Oct 2026
Holdings & valuation
BTC holdings
2,850 ₿
Last purchase 20 ₿ · 23 Oct 2026
BTC NAV
£172.76M
BTC price £60.62K
Market cap
£186.63M
3,079 ₿ · 369,776,649 fully diluted shares
Enterprise value
£212.69M
3,509 ₿
= Market cap £186.63M + debt £16.00M + pref. £11.11M − cash £1.05M
Share
Share price
£0.5047
833 sats
Sats per share
771
CEBE per share
650
= (BTC − senior claims) / fully diluted shares, in sats
Multiples
mNAV
1.08x
Price at 1 mNAV £0.4672
= Market cap £186.63M / BTC NAV £172.76M
Enterprise mNAV
1.23x
Price at 1 Enterprise mNAV £0.4100
= Enterprise value £212.69M / BTC NAV £172.76M
CEBE
1.28x
Price at 1 CEBE £0.3939
= Market cap £186.63M / (BTC NAV £172.76M − senior claims £27.11M)
Capital structure
Cash
£1.05M
17.32 ₿
Debt
£16.00M
263.95 ₿
Convertible debt
£0.00
0 ₿
Preferred
£11.11M
183.30 ₿ · liquidation value
Senior claims
£27.11M
447.24 ₿ · 15.7% of BTC NAV
= debt £16.00M + pref. £11.11M
Convertible bonds
Switch on "Assume future conversion" to count a note's conversion shares in the fully diluted share count instead of its face value as debt. Default: outstanding notes in the money, converted notes. Tiles, bar chart, valuation multiples and BTC per share update immediately (the data table below uses the defaults).| Note | Holder | Issued | Maturity | Coupon | Conversion price | Outstanding | Outstanding debt | Shares on conversion | Status | Assume future conversion |
|---|---|---|---|---|---|---|---|---|---|---|
| Smarter Convert (TOBAM) | TOBAM | 2025-08-05 | 2026-08-05 | 0% | £2.05 | – | – | – | repaid |